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Auto Loan Payoff Calculator
See how soon your car loan is paid off, how much interest it costs, and how much time and money an extra monthly payment saves. Enter your numbers and press Calculate.
Written by TopicDrill Editorial Team·Updated June 2026
Remaining balance over time
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How the auto loan payoff calculator works
Starting from your current balance, the calculator charges one month of interest, then applies your payment to bring the balance down, and repeats until the balance hits zero. Adding an extra amount each month sends more to principal, so the balance falls faster and the payoff chart above reaches zero sooner.
Because interest is charged on whatever you still owe, knocking the balance down early has an outsized effect. The interest you avoid in the final months is interest you never pay at all, which is where the savings come from.
A quick example
Say you owe $22,000 at 7% and pay $450 a month. Adding just $100 extra each month pays the loan off well over a year sooner and saves hundreds of dollars in interest. The results panel shows your exact time saved and interest saved for the numbers you enter.
Things to keep in mind
Your payment must be large enough to cover the monthly interest, or the balance will never shrink. Before paying extra, confirm your loan has no prepayment penalty and that extra funds go to principal, not future payments. For guidance on auto loans, see the Consumer Financial Protection Bureau. You can also compare options with our other free calculators.
Frequently asked questions
How does paying extra on a car loan help?
Any amount above your scheduled payment goes straight to the principal. A smaller principal accrues less interest each month, so you finish the loan sooner and pay less interest overall. This calculator shows both the months and the interest you save.
How is the payoff time calculated?
The calculator amortizes your balance month by month. Each month it charges interest at your monthly rate, applies your payment plus any extra to the balance, and repeats until the balance reaches zero. The number of months it takes is your payoff time.
What if my payment is too small to ever pay off the loan?
If your monthly payment does not cover the interest that accrues on the balance, the balance grows instead of shrinking and the loan never pays off. When that happens, the calculator returns an error and asks you to raise the payment.
Should I pay off my car loan early?
It usually helps if your loan has no prepayment penalty and your rate is higher than what you could earn elsewhere. If you carry higher-interest debt such as credit cards, paying that down first is often the better move. Always confirm there is no penalty with your lender.
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